Bitway (BTW) is 65996.0× the size of Impossible Finance (IF) by market capitalisation. Their daily returns move barely together (correlation 0.15 across 39 shared trading days). BTW has been the more volatile of the two, at 359% annualised against IF's 25%.
IFBTW
0.15over 39 shared trading days
Measured on daily returns rather than on prices. Two assets that both simply trend upward score near 1.0 on raw prices whether or not they move together, so returns are what answer the question people mean by correlation.
| Metric | IF | BTW |
|---|---|---|
| Max drawdown (400d) | -24.0% | -60.7% |
| Risk-adjusted return (90d) | -0.15 | 0.54 |
Relative strength over 90 days: BTW outperformed IF by 68.9% — measured on the IF/BTW ratio, so it holds regardless of market direction.